Posted 7 years ago on Sept. 19, 2012, 9:52 p.m. EST by hchc
from Tampa, FL
This content is user submitted and not an official statement
First off, even if we only had a military and infrastructure to pay for, the debt would have to go up every year due to an increasing population.
The reason that they put a ceiling limit on it, is so that it draws attention to what is going on, in regards to finances. Of which, ours is compeletly out of control.
The country is insolvent, as it stands now. Sure it can print whatever it wants (like that shithead Greenspan said) but there is no value in owning something that someone is actively destroying.
Defualt. This was all over the place, people screaming we were going to defualt on our debt. Do people even realize how much of the budget is used to pay debt. I think its around 3%.
Congress would have to actively choose bombs over paying our debt. I would love to see that. It would be quite interesting.
And what did we get in the end? We got the biggest credit card in the history of the planet. Goldman Sachs cashed in like they have never cashed in before.
A word on ratings agencies- they are pawns. We have since been hit again, just like every other western country. The debt ceiling debate had nothing to do with it. One ratings agency drops us a slight bit, the press use it for partisan gains, and the people fall along their lines in the sand.
The last thing Goldman Sachs, Jp MOrgan, Morgan STanley, etc want is for us as a nation to slow down and start taking a hard look at our country's finances and whats going where.
They want mindless consuming idiots that will react EXACTLY how the TV tells them to.
Another ratings drop is coming. And another. And another. Get used to it.